The 11 Biggest U.S. IPOs
This story has been updated from its publication on May 7, 2012.
The social networking giant raised just over $16 billion in its eagerly-anticipated IPO on Friday. The predicted opening day pop, however, failed to materialize, with the stock closing just slightly above the $38 offer price on the first day of trading. On Monday, the shares broke below that offer price, falling more than 10%.
2011 had its share of headline-grabbing tech IPOs, which included Zynga
Facebook's offering also easily surpassed Google's
Overall, 2012 looks set to be a decent year for tech companies taking the public plunge. Prior to the Facebook offering, IPO expert Renaissance Capital said that tech firms have accounted for 20 U.S. IPOs valued at more than $50 million each this year, the most in any sector. Last year there were a total of 48 tech offerings.
The IPO price of $38 a share gave Facebook a valuation of $104 billion, significantly above the market caps of tech heavyweights Dell
With Facebook now a public company, we looked at the 11 largest offerings from U.S. firms, according to Dealogic.
11. HCA Holdings
Background: HCA Holdings
HCA describes itself as the nation's leading provider of healthcare services. Approximately 4% to 5% of all inpatient care delivered in the country today is provided by HCA facilities, the company says.
Stock performance: Shares of HCA have fallen more than 17% since its debut as a public company last year. The stock was up 3.98% Monday to $25.61.
Background: Oil and gasoline company Conoco originally went to market in October 1998, after its previous parent, DuPont, the chemicals giant, decided to spin it off. The IPO raised $4.4 billion.
Conoco merged with Phillips Petroleum in 2002. The larger energy corporation is called ConocoPhillips
Stock performance: Shares of ConocoPhillips are down 29.27% this year. The stock is up 1.42% at $51.54 Monday.
9. The Blackstone Group
Blackstone had priced its IPO aggressively at $31 a share, and while the stock made strong gains during its first day of trading, the shares could not hold on to the gains, especially as the market began to crumble.
Stock performance: Blackstone shares have fallen 16.27% this year. The stock is up 1.65% to $11.73 Monday.
8. CIT Group
Background: CIT Group
But the financial crisis proved troublesome for CIT, which ultimately changed into a bank holding company so that it could accept an injection from the Troubled Asset Relief Program in late 2008. CIT ultimately declared bankruptcy in November 2009 and was also delisted from the NYSE. However, it was approved for reorganization plans a month later.
Stock performance: CIT shares are down 1.2% this year. The stock gained 2.56% to $34.45 Monday.
7. KKR Private Equity Investors
Background: In May 2006, KKR Private Equity Investors, a publicly traded private equity fund that invests as a fund of funds, raised $5.1 billion after listing in Amsterdam.
In July 2010, KKR Private Equity Investors' parent, KKR
KKR made a name for itself in the leveraged buyout space in the 1980s, culminating with its record breaking buyout of RJR Nabisco in 1989. It also performed the largest buyout ever of TXU in 2007.
Stock performance: KKR shares have slipped 11.07% so far this year. The stock is up 2.7% to $11.40 Monday.
6. United Parcel Service
Stock performance: UPS shares are up 1.75% this year. The stock gained 0.59% to reach $74.47 Monday.
5. Kraft Foods
Background: Kraft Foods
Kraft Foods, based in Northfield, Ill., is one of the largest food makers in the world and the parent of popular brands including Nabisco, Oscar Mayer, Oreo and Maxwell House coffee. In January 2010, the company won a months-long bid for U.K.-based Cadbury, eventually winning the candy maker for $19 billion. The deal was completed in the spring.
Last year, Kraft announced plans to split into two independent public companies -- "a high-growth global snacks business" and a "high-margin North American grocery business." The transaction is expected to be completed by the end of this year.
Kraft's first-quarter earnings beat Wall Street's profit estimate by 1 cent as the company enjoyed a strong start to 2012.
Stock performance: Shares of Kraft have risen 3% in 2012. The stock down 0.03% at $38.48 Monday.
4. AT&T Wireless Services
Background: AT&T Wireless debuted in a public offering in April 2000, raising a whopping $10.6 billion. The IPO was meant to separate the telecom company's mobile and landline phone business one month before the dot-com bubble bursting.
In 2004, AT&T Wireless was acquired by Cingular, a joint venture between SBC Communications and BellSouth. SBC also acquired the original AT&T the following year and the wireless provider was eventually folded back in. The entire conglomerate was renamed AT&T
Last year, AT&T's planned acquisition of T-Mobile from Deutsche Telekom was denied by the Federal Communications Commission and Department of Justice. AT&T said publicly in December that it would end its bid for the rival.
Stock performance: Shares of AT&T are up 11.18% this year, boosted by strength in its wireless business. AT&T's stock is down 0.12% to $33.62 Monday.
Background: The social networking phenomenon, which has over 900 million monthly users, filed for its IPO in early February. Morgan Stanley
Amidst growing buzz about the offer, Facebook initially set its price range at $28 to $35 a share, subsequently hiking this to $34 to $38 a share. The Menlo Park, Calif.-based firm priced its offering at the high end of its range, for a valuation of $104 billion.
Even though the widely anticipated first-day pop failed to failed to materialize, Facebook's IPO still saw the Nasdaq Exchange struggle with unusually heavy volume. The exchange resorted to manually delivering executions to brokerage houses.
Robert Greifeld, the CEO of Nasdaq OMX Group Inc
Stock performance: After pricing its offering at $38 a share, Facebook opened at $42.05 and briefly jumped to a high of $45 before closing at $38.23. Facebook's stock was down 10.52% to $34.21 on Monday.
Background: General Motors
GM filed for bankruptcy in June 2009 and was delisted from the New York Stock Exchange at the time. The company relisted its stock under the venerable ticker "GM" on the NYSE.
Stock performance:Shares of GM have gained 6.51% this year. The stock is up 1.94% to $21.59 Monday.
For context, Visa underwent the offering in a year when just 46 U.S. IPOs were completed. The Visa IPO accounted for two-thirds of the total U.S. IPO volume in 2008, according to Dealogic.
Investors were eager to buy shares of the San Francisco-based electronic payments processor, particularly as it boasted double digit growth rates as Visa and its smaller rival, MasterCard
Visa garnered a record-breaking $19.65 billion in the IPO, when all was said and done.
Stock performance: Shares of Visa have gained 13.78% this year. The stock is up 2.56% to $115.52 Monday.
-- Written by James Rogers and Laurie Kulikowski in New York.
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